This article is a guide on how to save money easily in Nigeria today. With the way the current economic climate is set in the country, it has proven really difficult for the average Nigerian to save any tangible amount of money to rely on in the future but there are a few steps that if religiously followed, with discipline, will help you save some extra amount of money and significantly reduce the way you spend on things you don’t really need.
Truth be told, it is not easy to determine to save money in today’s Nigeria as the urge to spend money in order to survive outweighs the zeal to save it up, but you do not actually need to save up so much at a go as this usually does not work because with time, you may be tempted to touch the bulk money you’re saving. What you can do is to consistently save little by little over the course of time that will grow into something big which you can rely on in the future, after all, it is said that little drops of water makes an ocean.
Once you are consistent with your savings, you will be surprised at how much you can actually have when all the unnecessary spending have been cut; all you need is discipline, the right attitude and just that first step to set things rolling. It may not be easy as we earlier mentioned but it will be worth it in the end, and as we continue, we will give you a guide on how you can easily save money to achieve your long term or short term goals. Do kindly read along to find out more.
STEP BY STEP GUIDE ON HOW TO SAVE MONEY EASILY IN NIGERIA TODAY
The following are 9 easy steps on how you can save money effectively in Nigeria this 2022:
PREPARE A BUDGET
If you are really interested in saving money in Nigeria today, you should first consider preparing a budget. With a carefully outlined budget, you will be able to give priority to the things you really need and take out the ones you do not need in the moment or the foreseeable future so as to control the way you spend money. This will help you find the right balance between your spending and your savings. Your regular expenses such as your rent, utility bills, foodstuff, etc should be given priority, others can wait till such a time when you really need them.
BE INTENTIONAL ABOUT SAVING MONEY
Preparing a budget is fine and it is very easy to do as it gives you a focus on how to save money but if you really want to make the most out of your budget, you should be intentional about the money you have decided to save. Saving about 10-15 per cent of your income at least every month can go a long way for you. Take your savings seriously, be intentional about it and you will yield tangible results for yourself in the process. Cutting out nonessential expenses and focusing on your basic expenses every month can help you save that extra you’re looking for.
KEEP A RECORD OF YOUR EXPENSES
Another great way to easily save money in today’s Nigeria is to keep a record of your expenses. Find out just how much you spend every month and keep the details of your personal and business expenses close to you so that you can keep track of how much money you spend over the course of a month. This helps you review your spending habits and cut off on unnecessary expenses that may be preventing you from freeing up the extra funds to save.
MAKE USE OF MONEY SAVING APPS
If you are not so good at the traditional way of saving money in a physically constructed piggy bank, you can automate your savings using digital piggy banks in the form of the best money saving apps in Nigeria today. Through automatic savings, these apps automatically remove a certain set amount from your bank account at your scheduled time and help you save the money by locking it so that it cannot be accessed until such a time when you have set for the money (which should have grown significantly by this set time) to be withdrawn.
OPEN A FIXED DEPOSIT ACCOUNT
Another great way of saving money in Nigeria today is by opening a fixed deposit account in a bank. This account restricts your access to your money over a period of time, giving you a higher interest rate than the basic savings/transactional accounts that you are familiar with. With a fixed deposit account, you earn several percentages every year on top the original amount of money that you deposited for savings. You can check with your bank to know more on how this works.
SAVE SOMETHING FOR A PURPOSE
Sometimes, it may be that you are saving money for something purposeful. This helps you to fix your eyes on the goal and cut off unnecessary spending just to achieve your target. It may be that you are saving to raise a particular amount of money for a particular project, this is a great way to motivate yourself to save and cut off any unnecessary expenses in order to reach your set target. Finding out how much money you will need and how long it will take for you to reach your target, and putting in the consistency needed to save that amount is a great way to save money.
BE A GREAT NEGOTIATOR
If you master the art of negotiating before making any purchases, you will find out that you can save extra money on a particular product. This also applies to any deal you may be making in the future. The goal is to save money and not to lose it so you will be doing yourself a lot of good if you develop your negotiating skills in order to embark on any business venture.
DEVELOP A HABIT OF BUYING THINGS IN BULK
Buying things in bulk helps you save money as you’ll be given a discount for the items. This is particularly helpful when you are purchasing the basic things that you frequently use to sustain life. It also helps you stock up your essential needs for a long time and prevents you from buying an item almost always, saving money in the process for you.
PRACTICE DELAYED GRATIFICATION
Delayed gratification can save you a lot financially as you will not need to spend money on any and everything your eyes see. By avoiding instant gratification and waiting at least two weeks to one month, you will find out that you do not really need whatever it was that you fancied earlier as something worth having as your prized possession, and this can help you save money and channel that money to some more important things if the need arises. Learn to spend on your needs, not your wants, and do that only when it is really necessary.